Last month, a 1,281-sq ft unit on the 17th storey of Helios Residences was sold for $3.23 million ($2,522 psf), incurring a loss of $796,090. The seller had purchased the unit in July 2007 for $4.026 million ($3,143 psf).

We used our analytics tool, Is it a Good Deal?, to determine whether the buyer of the freehold condo unit in District 9 secured a good deal.

Freehold development in prime District 9

Helios Residences is located along Cairnhill Circle in District 9. The freehold condo sits just outside the Orchard Road shopping and hotel belt, making it a short walk to The Paragon, The Heeren and Goodwood Park Hotel. Schools within a 1km radius include Anglo-Chinese School (Junior), St. Margaret’s School (Primary) and Chatsworth International School (Orchard Campus) (see Map 1).

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The main drawback of the condo is the lack of an MRT station within a 500m radius. However, if the distance is expanded to 1km, Newton, Orchard and Somerset MRT stations fall within the radius. Furthermore, Newton and Orchard Stations are dual-line stations. Collectively, the three MRT stations provide access to the North–South, Downtown and Thomson–East Coast Lines (see Screenshot 1). The lack of a nearby MRT station is also mitigated by the Central Expressway, which is a short drive away.

Helios Residences comprises 140 units, featuring a mix of two- to four-bedroom units. Majority of the units range in size from 1,281 sq ft to 2,002 sq ft. Hence, the subject unit is among the smallest in the condo.

The freehold development also obtained its temporary occupation permit (TOP) in 2011, making it 14 years old.

Despite the seller’s loss, the transacted price of $2,522 psf for the subject unit remains above the average price for Helios Residences and other condos in District 9. However, it is below the average prices of two nearby developments (see Screenshot 2).

Nine transactions with losses above $2 million

Since its launch in 2007, only three profitable and 50 unprofitable transactions have been recorded for Helios Residences. The profits range from approximately $220,000 to $607,885, while the losses range from breakeven to approximately $6.1 million. To date, nine transactions have recorded losses exceeding $2 million (see Table 1), indicating that the $796,090 loss for the subject unit is on the lower end of the loss spectrum.

The eye-watering $6.1 million loss resulted from the sale of a penthouse in November 2020 for $8.4 million ($1,815 psf). The seller had purchased the 4,629-sq ft unit in May 2014 for $14.5 million ($3,133 psf). This record-high loss is the only transaction with a loss exceeding $3 million.

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Eight unprofitable transactions this year

So far this year, eight unprofitable transactions have been recorded for Helios Residences. Losses range from about $550,000 to $2.317 million (see Table 2). Of these eight unprofitable transactions, three recorded losses exceeding $1 million. Thus far this year, no profitable transactions have been recorded for the condo.

This year’s record-high loss of $2.317 million occurred in March, when a 1,668-sq ft unit was sold for $4 million ($2,397 psf). The seller had purchased the unit in January 2013 for $6.317 million ($3,786 psf).

In comparison, the transaction that resulted in the $796,090 loss for the subject unit was concluded last month, when the seller sold the 1,281-sq ft flat for $3.23 million ($2,522 psf). The unit had been purchased in July 2007 for $4.026 million ($3,143 psf).

The subject unit is a two-bedroom-plus-study property with a private lift. It comprises an en-suite master bedroom with a private balcony, an additional bedroom, a common bathroom and a study. There is also a yard adjacent to the kitchen (see Floor Plan 1).

Notably, the seller of the subject unit sold it at $2,522 psf, above the current average price of $2,430 psf for Helios Residences. However, the higher-than-average sale price was insufficient to offset the higher-than-average purchase price. The seller paid $3,143 psf for the subject unit in 2007, when the average price for the condo was $3,014 psf (see Chart 1). Furthermore, the average price of Helios Residences has declined by 19.4% since its launch in 2007.

Numerous condos within 500m radius

A total of 38 completed condos, representing about 4,300 units, are located within a 500m radius of Helios Residences. Of these 38 condos, Orchard Scotts and Cairnhill Nine are 99-year leasehold developments, while The Scotts Tower has a 103-year tenure. The remaining nearby condos are freehold developments.

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Among the freehold condos, The Vermont on Cairnhill is more comparable to Helios Residences, as it obtained its TOP in 2013, making it only two years younger than Helios Residences (TOP in 2011). Additionally, The Vermont on Cairnhill (158 units) has approximately the same number of units as Helios Residences (140 units). The Vermont on Cairnhill is also a short walk from Helios Residences (see Map 2).

Based on caveats lodged so far this year, the average resale price of Helios Residences ($2,430 psf) is lower than that of The Vermont on Cairnhill ($2,547 psf) (see Chart 2). However, Helios Residences (19.8%) has recorded stronger price growth since 2020 compared to The Vermont on Cairnhill (18.9%).

Most recent unprofitable transaction for The Vermont on Cairnhill was in 2023

Similar to Helios Residences, The Vermont on Cairnhill has recorded more unprofitable than profitable transactions since its launch in 2014. So far, it has had 36 unprofitable transactions with losses ranging from breakeven to approximately $787,000. In contrast, the condo has recorded only 17 profitable transactions, with profits ranging from approximately $10,000 to $688,000.

However, the tide seems to be turning for The Vermont on Cairnhill. The most recent unprofitable transaction occurred in November 2023, resulting in a loss of only $200,000. The seller bought the 915-sq ft unit on the 16th storey in May 2012 for $2.5 million ($2,732 psf) and sold it for $2.3 million ($2,514 psf).

Only one transaction has taken place in the freehold condo so far this year but the lone transaction yielded a profit of $327,000 when the seller sold the 1,335-sq ft unit in June for $3.4 million ($2,547 psf). The unit had been purchased in August 2014 for $3.073 million ($2,302 psf).

The unit involved is a three-bedder comprising an en-suite master bedroom, two additional bedrooms and a common bathroom. It also features a wet kitchen, a gallery kitchen, and a balcony adjacent to the living area (see Floor Plan 2).

More costly than counterparts in District 9

Since 2022, the average resale price of Helios Residences ($2,430 psf) has been above that of freehold condos in District 9 that are 11 to 20 years old ($2,419 psf) (see Chart 3). This could be attributed to the stronger price growth achieved by Helios Residences (5.6%) since 2022, compared to its peers (4.4%).

Notably, the transacted price of $2,522 psf for the subject unit is higher than both the average resale price of Helios Residences ($2,430 psf) and that of similar condos in the same district ($2,419 psf). However, the higher-than-average sale price for the subject unit is still not able to offset its higher-than-average purchase price.

Conclusion

It is notable that more unprofitable than profitable transactions have been recorded for Helios Residences since its launch. Additionally, all eight transactions concluded this year for the freehold condo resulted in losses for the sellers. The silver lining for the seller of the subject unit is that their loss is on the lower end of the loss spectrum.

Similarly, more unprofitable than profitable transactions have been recorded for The Vermont on Cairnhill since its launch. In contrast to Helios Residences, all losses of The Vermont on Cairnhill are well below $1 million. Moreover, the most recent unprofitable transaction occurred in 2023 and the lone transaction this year resulted in a profit.

To learn more about this transaction, and whether it is a good deal, click here.

Check out the latest listings for Helios Residences, The Vermont On Cairnhill properties